Genesis Global Trading announced that such a decision was made for commercial reasons.
According to the statement, the company will terminate spot cryptocurrency trading as of September 18.
Genesis Global Trading, a company affiliated with Digital Currency Group, was among the companies badly affected by the bear market. Another subsidiary of DCG, the crypto lending platform Genesis Global Holdco, also announced that it filed for bankruptcy last January.
A Genesis spokesperson said the following regarding the termination of crypto trading:
“This decision was made voluntarily for commercial reasons.
“We are in close contact with regulators to coordinate an orderly shutdown of crypto trading services.”
Genesis Global Trading is a trading platform licensed by the “New York State Department of Financial Services”, according to the information on the company’s website.
